Emaar nets $184 million in Q2, up 10pc

Dubai, July 29, 2013

Dubai-based Emaar Properties has posted a net profit of Dh675 million ($184 million) for the second quarter of 2013 as against Dh614 million net profit for the corresponding period of 2012, marking an increase of 10 per cent.

The net profit for the second quarter is also 21 per cent higher than the net profit during the first quarter of the year at Dh 556 million, a statement said.

Net profit for the first half reached Dh1.231 billion, similar to the first-half 2012 net profit of Dh 1.220 billion, it added.

The revenue for the first six months of the year is Dh5.219 billion, which is 33 per cent higher than the revenue of Dh3.921 billion recorded during the same period last year.

Revenue for Q2 is D 3.109 billion, 47 per cent higher than the first quarter 2013 revenue of Dh2.110 billion, and 48 per cent more than the second quarter 2012 revenue of Dh2.100 million, the statement said.

The hospitality & leisure and shopping malls & retail businesses of Emaar recorded total revenues of Dh2.326 billion, 45 per cent of the total revenue, while the contribution of international operations to the half-year 2013 revenue was Dh526 million, 10 per cent of the total revenue.

Mohamed Alabbar, chairman of Emaar Properties, said: “The remarkable gains made by these three core businesses also underscore Emaar’s contribution to the socio-economic growth of Dubai by catalysing the key economic sectors including retail, hospitality, tourism and construction.”

“In addition to supporting Dubai’s Tourism Vision 2020 to double the number of tourists by the turn of the decade, our investments also set the pace for the city’s future growth.

“The projects we announced this year, including new hotel brands, The Dubai Mall’s expansion and our real estate developments will play a central role in Dubai’s future growth. We are thankful to our customers and all stakeholders for their support to our strategy to create long-term value,” he added.

The total sales value in Dubai of Emaar’s real estate developments until the end of June is Dh6.3 billion ($1.7 billion), which is nearly four times the sales during the same period in 2012 at Dh1.6 billion ($436 million).

The shopping malls & retail business of Emaar recorded total revenue of Dh1.555 billion during the first half of 2013, which is 20 per cent higher than the first-half 2012 sector revenue of Dh1.294 billion.

The hospitality & leisure business contributed Dh771 million to Emaar’s revenues during the first six months of 2013, 7 per cent higher than the revenue of Dh720 million during the same period last year. – TradeArabia News Service